Dominion of Canada banknotes were first issued in 1870. Notes issued by the Dominion of Canada between 1870 and 1934, were issued in denominations of 25¢, $1, $2, $4, $5, $50, $100, $500, and $1,000 (larger denominations for bank-to-bank transactions called “Bank Legals”). The Dominion of Canada took a monopoly position in issuing $1s and $2s. Chartered Banks were first allowed to issue $4s, although in 1880 they were further restricted to only denominations of $5 or its multiples. These notes were replaced by Bank of Canada notes in 1935

The Bank of Canada was created in 1934 and given responsibility, through an Act of Parliament, to regulate the country’s money supply and to “promote the economic and financial welfare of Canada.” Accordingly, it was given the exclusive right to issue bank notes in Canada. On 11 March 1935, the Bank of Canada issued its first series of bank notes.

The first Canadian coinage was authorized and executed. The coins were struck at the Royal Mint at Tower Hill in London and they portrayed the head of Queen Victoria on the obverse. In late 1858 Canadians first produced their own coins. It wasn’t long before not just Upper Canada, but also Lower Canada, Nova Scotia, New Brunswick, and Prince Edward Island were using the Canadian-made coins.